SSI Reports Q1/2026 Pre-Tax Profit of VND 1,593B, Leads Securities Sector

Overview

SSI Securities Corporation (HoSE: SSI) reported strong first-quarter 2026 results, with consolidated pre-tax profit reaching VND 1,593 billion, positioning it as the top performer in Vietnam’s securities sector. The parent company’s pre-tax profit grew 44% year-on-year to VND 1,461 billion, driven by robust growth across brokerage, margin lending, and investment banking segments.

Key Facts

• Consolidated pre-tax profit for Q1/2026: VND 1,593 billion.
• Parent company pre-tax profit: VND 1,461 billion, up 44% year-on-year.
• Parent company revenue: VND 3,112 billion, up 46% year-on-year.
• Capital increase completed in Q1: VND 6,227 billion from issuing over 415.18 million shares to existing shareholders.
• Total assets as of March 31, 2026: VND 91,893 billion; equity: VND 38,531 billion, up 24% from end-2025.
• Brokerage-custody-investment advisory revenue: VND 633 billion, up 93% year-on-year.
• Margin lending and advance revenue: nearly VND 1,050 billion, up 67% year-on-year.

What Happened

SSI Securities Corporation announced its Q1/2026 business results, showing consolidated revenue of VND 3,295 billion and pre-tax profit of VND 1,593 billion. According to the company filing, the parent company recorded revenue of VND 3,112 billion and pre-tax profit of VND 1,461 billion, representing year-on-year increases of 46% and 44%, respectively. The quarter also saw the completion of a VND 6,227 billion capital increase through a share issuance to existing shareholders.

Operational highlights included Securities Services revenue of VND 1,682 billion, accounting for about 54% of total revenue. Brokerage-custody-investment advisory revenue surged 93% to VND 633 billion, while margin lending and advance revenue rose 67% to nearly VND 1,050 billion, with outstanding loans at VND 36,928 billion, down 5% from the start of the year as part of a risk management strategy. Investment revenue grew 18% to VND 1,226 billion, contributing 39% of total revenue. The Investment Banking segment advised on large capital-raising deals, including a private placement of over VND 10,000 billion for BIDV and a VND 1,400 billion public bond issuance for Coteccons.

Market Context

SSI trades on the Ho Chi Minh Stock Exchange (HoSE) under the ticker SSI. As of April 15, 2026, the stock closed at VND 29, up 0.17% with a volume of 22,191,000 shares. The strong Q1 results come amid a generally positive trend in Vietnam’s financial services sector, with SSI’s performance outpacing many peers and reflecting improved market activity and investor sentiment.

Strategic Significance

The results underscore SSI’s diversified revenue model and execution capabilities in a competitive securities landscape. The significant growth in brokerage and margin lending, coupled with a strategic focus on maintaining safe loan portfolios without bad debt, highlights operational discipline. The capital increase strengthens the balance sheet, potentially funding further expansion and enhancing market leadership in investment banking and other high-margin services.

What to Watch

• Q2 2026 earnings release, expected around late July 2026, to confirm sustainability of growth trends.
• Updates on utilization of the VND 6,227 billion capital increase for business expansion or investments.
• Regulatory filings on foreign ownership limits or changes in shareholder structure.
• Market share data in brokerage and investment banking segments compared to competitors like VNDirect or HSC.
• Macroeconomic indicators affecting securities sector performance, such as VN-Index volatility and trading volumes.